FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- The following information is available from the current period financial statements: Net income $133,833 Depreciation expense 22,491 Increase in accounts receivable 17,461 Decrease in accounts payable 28,059 The net cash flow from operating activities using the indirect method is:arrow_forwardCash Flows from Operating Activities—Indirect Method The income statement disclosed the following items for year: Depreciation expense $36,900 Gain on disposal of equipment 21,510 Net income 222,200 The changes in the current asset and liability accounts for the year are as follows: Increase(Decrease) Accounts receivable $5,740 Inventory (3,270) Prepaid insurance (1,230) Accounts payable (3,890) Income taxes payable 1,230 Dividends payable 860 a. Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) For the year ended xxx Cash flows from operating activities: Net income $fill in the blank edc573f62020fa6_2 Adjustments to reconcile net income to net cash flow from operating activities: Depreciation fill in the blank…arrow_forwardSubject: acountingarrow_forward
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